StudentShare solutions
Triangle menu

Innovation - Literature review Example

Extract of sample
Innovation

This paper is a literature review of innovation as an important driver of firm profitability and performance, and as a vital source of competitive advantage in any industry. The ability of a business to arrive at creative and insightful designs and methods by which it may meet consumer demands and expectations has always been an attribute that culls consumer loyalty to its products and services. The same is true with the construction industry, where different construction firms are held to public scrutiny by such standards as cost, speed and quality of project execution, but also increasingly by its track record for safety and environment sustainability, its consistency with contemporary concepts of fair and ethical leadership, and the aesthetics and beauty of its design and craftsmanship. In comparative studies among various commercial undertakings, the construction industry noticeably lags behind in terms of innovation, research and development. Industry participants cite the overriding emphasis on cost minimization in an era of constantly rising materials prices, skilled manpower costs, and administrative expenses. Recent institutional initiatives have been taken to promote innovation in construction, such as the formation of integrated teams and innovative leadership, the most efficient use of information transfer and knowledge management, radical breakthroughs in materials research and construction methods and techniques, and the education of the public to develop a culture more receptive to innovation. The enhancement of an innovative culture in construction requires a broad-based and concerted collaboration among industry firms, associations, regulatory agencies, and other entities in the value chain. Key words: construction, innovation, branded innovation, agile innovation, transformational leadership, information and communication technology, integrated teams Introduction The concept of innovation is often associated with the manufacturing, technology, and retail industries because of the necessity of keeping up with the tastes and preferences of a fickle consumer market. Construction is seldom associate with such dynamic changes, however, because the considerable investment and long-term duration of its products are seen to be better served by strict compliance with building codes, safety standards, and conventional practices to allow much leeway for experimentation and creative revision (Patterson, 2011, p. 18). Innovation in the construction business is a relatively novel concept that has developed in the recent few decades, the scope and scale of which still remains largely undefined as may be observed from the academic studies which have dealt on it. The following survey of related literature will seek to shed light on the generally accepted meaning of innovation in construction, the new paradigms and models emerging from a rethinking of this concept, and the importance of innovation to the construction business. Innovation: definition and effects According to Lundvall (1992, p. 8) innovation is described as potentially new processes, products or strategies that “result in radical breaks with the past, making a substantial part of accumulated knowledge obsolete.” It has also been defined as consisting of “the generation of a new idea and its implementation into a new product, process, or service, leading to the dynamic growth of the national economy and the increase of employment, as well as to a creation of pure profit for the innovative business enterprise” (Urabe, Child & Kagono, 1988, p. 3) The classic view espoused by Milton Friedman places priority on the profits realized by a business. In return for financial gains, business contributes much to the improvement of society. According to Ahlstrom (2010), the reverse is actually true – the principal goal of business is the development of innovative goods and services, which in turn generate economic growth and employment. Innovation thus improves peoples’ ...Show more

Summary

The following study will seek to shed light on the generally accepted meaning of innovation in construction, the new paradigms and models emerging from a rethinking of this concept, and the importance of innovation to the construction business. …
Author : krystelmills
Innovation essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the literature review on your topic
"Innovation"
with a personal 20% discount.
Grab the best paper

Related Essays

The relationship between transformational leadership and innovation in the Bahraini banking system
This research explores the importance of innovation, and the kinds of organisational leadership that are required to ensure that innovation is encouraged. It examines the role that emotional intelligence plays, and the role that transformational leadership can play in ensuring that innovation is given more prominence at every level of the banking sector in Bahrain.
18 pages (4500 words) Literature review
Innovation in the public sector - The extent to which innovation in the public sector affects public service quality
The objective of this literature review is to provide an overview of innovation within the public sector, deriving from American, European, and UK theoretical and empirical reports from 1999 up to the present. Innovation – What is It? Successful innovation deals with creating and implementing new services, products, processes, and means of delivery which bring about a considerable increase in the improvement level of the quality, effectiveness, and efficiency of outcomes, as defined by Mulgan and Albury (2003).
5 pages (1250 words) Literature review
REVIEWING THE PROCESS AND PURPOSE OF THE SUSTAINABLE INNOVATION
REVIEWING THE PROCESS AND PURPOSE OF THE SUSTAINABLE INNOVATION. The concept of sustainable innovation is not friendly among most business leaders. Most corporate leaders are convinced that taking care of resources or engaging in sustainable development activities add extra cost to their business.
3 pages (750 words) Literature review
Innovation in the public sector - The extent to which innovation in the public sector affects public service quality
The objective of this literature review is to provide an overview of innovation within the public sector, deriving from American, European, and UK theoretical and empirical reports from 1999 up to the present. Successful innovation deals with
5 pages (1250 words) Literature review
Tradition vs innovation in textile
Just like many other industries, textile industry has experienced some of the most notable changes over time (Lücke, 2005, p.25). Innovations and inventions have been made in the industry that has ended up completely changing the apparel industry. New
4 pages (1000 words) Literature review
An Investigation into Sustainable Generation, Green Economy and Renewable Energy Innovation in Qatar
a function of discussing this alongside presenting an alternative approach, the following analysis will promote an understanding of some of the pros and cons of the utilization of solar energy. It is the hope of this author that the reader will be able to gain a more informed
50 pages (12500 words) Literature review
Design (art and craft) innovation in Pakistan textile
It illustrates how a nation with a well-equipped youth with regard to art and craft develops faster industrially The focus is on higher education, current trends, effects of the society and industrialization. It puts forth issues
8 pages (2000 words) Literature review
Design (art and craft) innovation in Pakistan textile
It illustrates how a nation with a well-equipped youth with regard to art and craft develops faster industrially The focus is on higher education, current trends, effects of the society and industrialization. It puts forth issues
8 pages (2000 words) Literature review
Design (art and craft) innovation in Pakistan textile
Art and craft was not majorly taught in the Pakistan higher education, but the trend is changing in modern day, with increased
8 pages (2000 words) Literature review
Design Innovation in Pakistan Textile
Learning of art and crafts is not compulsory in the schemes of teaching, the incorporation of formal schemes teaching of the art and craft lessons in
15 pages (3750 words) Literature review
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation